Aviva operating profit rises 5%, shares climb 6.3%

Aviva (AV): H1 operating profit +5% to £1.01B ($1.6B), above consensus of £933M.

Value of new business +17% to £401M, boosted by the U.K., France and Asia, although sales slumped in Italy and Spain.

Underlying pretax profit £605M vs £309M.

IFRS profit after tax £776M vs loss of £624M a year earlier, when Aviva took a £3.3B writedown on U.S. operations.

Operational capital generation £936M vs 906M last year.

Combined operating ratio, or claims and expenses as a proportion of premiums, +96.2% vs 95.5% last year, indicating that underwriting didn't improve.

Restructuring costs -10% to £164M.

Expects to complete the sale of its U.S. operations by the end of 2013.

As expected, to pay H1 dividend of 5.6 pence/share.

Shares +6.3% in London.

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